It has a lot of advantages, and in fact I ripped apart my 3 point hitch grader blade and mounted it to a trailer because of the inherent problems with a 3 point hitch grader. I am not trying to be a computer-cowboy here, just trying to explain why they do not work as good as people would first think.
The biggest reason is, being attached in a cantilevered way, when the tractor goes into a dip,the grader blade digs even deeper behind, but when the tractor goes over a hummock, the grader blade rises from the ground. With a lot of skill , many passes and a lot of use of the 3 point hitch lever it can be graded out, but its not great even then,
But when the blade is slung in the middle between two points (the front and rear tires of the tractor in this example, the blade only rises and falls half as much as the front and rear tires travel. This makes for a much more flatter surface. Kind of kike how a long handplane smooths out wood much better, it rides over the low spots and hits the high spots. On a grader blade it cuts the high spots and fills the low spots.
To get the flattest road, the distance between the front tire and the rear tire needs to be as long as possible, this is why real road graders are so long.
BUT as much as I bashed 3 point hitch grader blades; in tight places, like back grading a new house, a person might not be able to get in there with a long tow behind grader blade.